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SHIB Burn Rate Soars 384% As Shiba Inu on Brink of Adding New Zero

Sat, 04/29/2023 - 09:09
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Yuri Molchan
Recent data indicates that percentage speed of burning Shiba Inu has spiked, but price is on brink of falling to add fifth zero
SHIB Burn Rate Soars 384% As Shiba Inu on Brink of Adding New Zero
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The Shiba Inu community keeps removing SHIB tokens from the circulation supply on a regular basis. Over the past 24 hours, another large stash of Shiba Inu meme coins has been transferred to dead wallets.

However, since Wednesday, SHIB has been trading in the $0.000010 range after losing more than 6%. There is a risk that Shiba Inu may add another zero to its price.

SHIB burn rate jumps nearly 390%

According to data shared by tracking platform Shibburn, during the period of the last 24 hours, the SHIB community got rid of 4,846,823 SHIB, thus pushing the burn rate 384% up, according to a recent tweet published on their Twitter handle.

Over the past week, however, despite the burn rate of Shiba Inu rising by more than 1,000% several times, the overall amount of burned SHIB leaves a lot to be desired — only 21,184,222 SHIB.

That is 93.48% smaller compared to the week before.

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SHIB team working to build their own cold wallet

As covered by U.Today earlier, news has been spread about the Shiba Inu team developing a customized cold storage wallet for SHIB. Now, Shiba Inu is organizing an AMA ("ask me anything") session with the leading crypto exchange Huobi and blockchain platform CertiK that deals with smart contracts.

This may result in a partnership and collaboration with these companies, according to the source from SHIB Discord.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at